{"id":1004234098,"date":"2018-06-08T03:35:30","date_gmt":"2018-06-08T11:35:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004234098"},"modified":"2022-12-08T15:32:56","modified_gmt":"2022-12-08T23:32:56","slug":"ta-realty-arranges-418m-sale-of-boston-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ta-realty-arranges-418m-sale-of-boston-office-tower\/","title":{"rendered":"Rockefeller Group, Mitsubishi Sell Boston Trophy Tower"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"28<\/a>

28 State St., Boston<\/p><\/div>\n

With the help of real estate investment management services firm TA Realty LLC, Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York have sold 28 State St., a 579,000-square-foot office tower in downtown Boston. The joint venture pocketed $418 million on the disposition of the Class A building. The buyer was Heitman Capital Management, according the Boston Business Journal<\/em>.<\/p>\n

Originally developed in 1968 and comprehensively renovated in the late 1990s, 28 State features 572,000 square feet of Class A office accommodations and 7,000 square feet of retail space in downtown Boston\u2019s thriving Financial District. The 40-story high-rise, designed by architecture firm Emory Roth & Sons, is 95 percent occupied, with notable financial services and law firms taking up space on the tenant roster. The property attracted a great deal of attention from the investment community. <\/p>\n

\u201cThe asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,\u201d<\/em> Jim Raisides, partner with TA Realty LLC, said in a prepared statement. \u201cThis trophy property produced a very competitive bid process.\u201d<\/em><\/p>\n

A fruitful four years<\/strong><\/h2>\n

Rockefeller and Mitsubishi had owned 28 State since 2014, when the partners acquired it from The Blackstone Group<\/a>\/Equity Office. TA Realty\u2019s involvement with the property began well before the arrangement of the sale; the firm provided asset management and advisory services that paved the way for Rockefeller and Mitsubishi to bolster 28 State\u2019s value through enhanced operations and capital improvements. It was a highly successful undertaking, and the numbers tell the story.<\/p>\n

Rockefeller and Mitsubishi purchased 28 State at a cost of $593 per square foot four years ago, and the partners just sold the asset at the substantially increased price of $721 per square foot. The markedly higher price is indicative of the building\u2019s status, but it\u2019s also a sign of the times in the Boston office market. \u201cBoston remains a highly-desirable destination for capital among all investor types and the limited inventory of available properties for sale continues to drive up pricing,\u201d<\/em> according to a first quarter 2018 report by commercial real estate services firm NAI Hunneman. \u201cWhen downtown assets do change hands, buyers pay a premium.\u201d<\/em><\/p>\n

 Image courtesy of TA Realty<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

TA Realty arranged the $418 million sale of 28 State St., a 479,000-square-foot office building in the city\u2019s Financial District. According to published reports, Heitman Capital Management is the new owner.<\/p>\n","protected":false},"author":969,"featured_media":1004234102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21783,21742,10,21747],"tags":[37950,40606,35213,32822,33129,33348],"class_list":["post-1004234098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","tag-heitman-capital-management","tag-mitsubishi-estate","tag-nai-hunneman","tag-ta-realty","tag-the-blackstone-group","tag-the-rockefeller-group"],"acf":[],"yoast_head":"\nRockefeller Group, Mitsubishi Sell Boston Trophy Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ta-realty-arranges-418m-sale-of-boston-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockefeller Group, Mitsubishi Sell Boston Trophy Tower\" \/>\n<meta property=\"og:description\" content=\"TA Realty arranged the $418 million sale of 28 State St., a 479,000-square-foot office building in the city\u2019s Financial District. 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